The Solution To Lexington Traffic
The traffic! One of the top problems facing Lexington residents was addressed at the breakfast meeting, sponsored by Allstate Insurance: Dixon Rogers, yesterday morning. If you have ever taken Highway 378 during rush hour, you’ve experienced it for yourself. When President/CEO Otis Rawl asked how many people thought improvements to our roads and infrastructure were needed, every hand in the room was raised. Town Administrator Britt Poole then took the podium to explain the creative solution Town officials and traffic engineers developed. Watch the Town's Corley Mill Gateway video.
To begin, Poole answered what everyone wanted to ask; how are we going to pay for the changes that need to be made? Tax Increment Financing (TIF) is a tool that allows municipalities and counties in South Carolina to promote economic development by ear-marking property tax revenue from increases in assessed values within a designated TIF district.Generally, the specified district’s property values will rise and the resulting increase in property taxes will be used to cover the cost of infrastructure improvement projects in the town.
The TIF district in question is located along Corley Mill Road. Currently, there are approximately 264 acres located across from River Bluff High School that are being selected for private development projects. Those projects include a high-end apartment complex, a new neighborhood with single family homes and commercial property. The farmhouse currently located on the selected land will be incorporated in the construction project to remain as a reminder of the area’s history.
These private development projects will allow for an increase in TIF funding, covering the proposed construction project around the 378/ Corley Mill Corridor. The project, which includes four phases of construction, will alleviate the traffic congestion near Highway 378, Corley Mill Road and I-20.
This project is meant to be a long-term solution to the traffic problem. Today, traffic counts at the Corley Mill Intersection are 47,000 vehicles per day. With that amount projected to nearly double by 2040, Town officials are looking foward to future growth as well as addressing Lexington’s current issues. Poole said that this would be a 5-6 year process and would improve the traffic significantly in the area.
To learn more about the proposed plan, watch the video by visiting www.lexsc.com.